The Old Mill in New Basford, Nottingham, has been sold in an off-market deal, with NG Chartered Surveyors acting on behalf of private pension fund owners.
The distinctive property has been acquired by a local investor expanding their already substantial portfolio, who was advised by Will Torr of heb Surveyors. Legal advice was provided by Paul Hinchliffe of Nelsons Solicitors.
Originally built in 1872, The Old Mill is occupied by technology business Jigsaw24, and has been significantly refurbished and extended over the years. It now offers a mix of warehouse space, computer repair workshops, modern open-plan offices and meeting rooms.
The building provides a total of 29,510 sq ft of accommodation, including 20,613 sq ft of commercial workspace and 8,897 sq ft of first-floor warehouse storage. The site also features more than 38 on-site car parking spaces, including four EV charging points.
Richard Sutton, managing director at NG Chartered Surveyors, said: “The Old Mill is a one-of-a-kind asset with bags of character and long-standing tenant appeal. We were delighted to act for the pension fund in achieving a discreet, off-market transaction with a strong local investor. This deal underlines the continued demand for high-quality, well-located assets in the Nottingham market.”
Will Torr, partner at heb Surveyors, added: “Our client is delighted to have acquired The Old Mill which both compliments their existing ownerships in the immediate area and provides them with good quality income from the well-established tenant, Jigsaw24. Thanks again to Richard Sutton for introducing the opportunity to us.”
Paul Hinchliffe of Nelsons said: “This was a really collaborative transaction which didn’t just involve the sale. We were also required to make changes to the existing lease, and the tenant was involved in those discussions.
“I’m grateful to Richard for keeping everyone on board, and my opposite numbers Chloe Summers at Austin Moore (who acted for the tenant) and Russell Thompson at Massers (who acted for the buyer) for finding solutions to get the deal over the line.”
